A little late to this thread, but there's a lot of wack information in here. It's not a pyramid scheme, or a ponzi scheme, nor is it a pump and dump. It's an attempt at a decentralized p2p currency that is seemingly doing quite well (and growing.)

Those two pictures that were posted, the first is a bench of 6950's. All together at the current values for exchange and difficulty is pulling ~ ~2400 USD a month (before power).

The bed full of what I assume are 5970's would be pulling about ~2700 USD/month (pre power).

In fact, if you follow it at all you'll know that people are now starting to go the route of FPGA (Field Programmable Gate Array). Think of it as a purpose built circuit that does nothing other than compute SHA-1 hashes for mining bitcoin.

There's still plenty of profit to be made if you're smart (going out and buying 70 7970's to start mining is not 'smart')

A little late to this thread, but there's a lot of wack information in here. It's not a pyramid scheme, or a ponzi scheme, nor is it a pump and dump. It's an attempt at a decentralized p2p currency that is seemingly doing quite well (and growing.)

Those two pictures that were posted, the first is a bench of 6950's. All together at the current values for exchange and difficulty is pulling ~ ~2400 USD a month (before power).

The bed full of what I assume are 5970's would be pulling about ~2700 USD/month (pre power).

In fact, if you follow it at all you'll know that people are now starting to go the route of FPGA (Field Programmable Gate Array). Think of it as a purpose built circuit that does nothing other than compute SHA-1 hashes for mining bitcoin.

There's still plenty of profit to be made if you're smart (going out and buying 70 7970's to start mining is not 'smart')

SHA-2 not SHA-1. Specifically, 256.

Edit: a double sha256, so not just one. So it's like SHA256(SHA256(n))